Aruba Networks Sees Significant Drop in Short Interest (ARUN)
Shares of Aruba Networks (NASDAQ:ARUN) were the target of a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 12,372,722 shares, a decline of 7.5% from the July 15th total of 13,372,123 shares, Analyst Ratings News reports. Currently, 11.8% of the shares of the company are sold short. Based on an average trading volume of 1,583,909 shares, the short-interest ratio is presently 7.8 days.
In other Aruba Networks news, Insider Dominic P. Orr unloaded 200,000 shares of Aruba Networks stock on the open market in a transaction that occurred on Wednesday, August 6th. The shares were sold at an average price of $17.60, for a total transaction of $3,520,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Several analysts have recently commented on the stock. Analysts at Buckingham Research initiated coverage on shares of Aruba Networks in a research note on Wednesday, July 16th. They set a “neutral” rating and a $19.00 price target on the stock. Separately, analysts at Macquarie upgraded shares of Aruba Networks from a “neutral” rating to an “outperform” rating in a research note on Monday, July 14th. They now have a $24.00 price target on the stock, up previously from $22.00. Finally, analysts at Barclays reiterated an “overweight” rating on shares of Aruba Networks in a research note on Thursday, July 10th. They now have a $21.00 price target on the stock, down previously from $25.00. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and fourteen have given a buy rating to the company. Aruba Networks presently has a consensus rating of “Buy” and a consensus target price of $27.68.
Shares of Aruba Networks (NASDAQ:ARUN) opened at 18.70 on Wednesday. Aruba Networks has a one year low of $15.97 and a one year high of $23.58. The stock’s 50-day moving average is $17.63 and its 200-day moving average is $19.03. The company’s market cap is $2.033 billion.
Aruba Networks (NASDAQ:ARUN) last issued its quarterly earnings data on Thursday, May 22nd. The company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $18.80 million for the quarter, compared to the consensus estimate of $180.80 million. During the same quarter in the previous year, the company posted $0.11 earnings per share. The company’s revenue for the quarter was up 28.3% on a year-over-year basis. Analysts expect that Aruba Networks will post $0.76 EPS for the current fiscal year.
Aruba Networks, Inc, is a provider of next-generation network access solutions for mobile enterprise networks.
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